Digital Telecommunications Infra Fund: Some accounting changes in 1Q26 results

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Digital Telecommunications Infra Fund: Some accounting changes in 1Q26 results

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Digital Telecommunications Infra Fund

Some accounting changes in 1Q26 results

Maintain Rating: BUY | PO: 11.80 THB | Price: 10.10 THB

Results in line 15 May 2026

1Q26 net investment income of Bt3,076mn increased 4% YoY and made up 25% of our Equity

full-year forecast and 26% of Bloomberg consensus. The key driver is a 5% YoY

reduction in interest expense thanks to debt refinancing that took place in 1Q25. We Thitithep Nophaket ^^^ Research Analyst

estimate that the refinancing has brought down average interest rate by 2%. Apart from Kiatnakin Phatra Securities

the interest expense, operations are stable. DIF declared Bt0.22 dividend per share from +66thitithep.noph@kkpfg.com2 305 9198

1Q26 operations. This is 25% of our full-year dividend forecast. We maintain Buy rating

based on attractive dividend yield and resilient operations.

Accounting impact from the expiry of 850MHz contract Stock Data

1Q26 revenue increased 4% YoY and certain cost items have increased. This is primarily Price 10.10 THB

due to accounting adjustment rather than operating. After the 850MHz spectrum Price Objective 11.80 THB

contract (between TRUE and NT) expired in August 2025, DIF exercised the right to buy Date Established 28-Apr-2026

1,485 towers (9% of its total tower) and certain FOC used to support the 850MHz Investment Opinion A-1-7

network from TRUE at Bt10mn. 52-Week Range 7.85 THB-10.40 THB

Mrkt Val / Shares Out (mn) 3,318 USD / 10,631.7

Prior to the exercise, DIF earned rental revenue from these towers/FOC under the “right

Market Value (mn) 107,380 THB

to collect revenue” contact with TRUE/NT. DIF continues to earn rental revenue from

Average Daily Value (mn) 3.17 USD